After the first prospect meeting: what a small RIA should send, and what to record
After a first meeting with a prospective client, a small RIA should send a short note the same day that recaps what the prospect said they want, lists what you need from them, and proposes a dated next step. Record the meeting on the prospect's record, track what documents you've asked for and received, deliver the brochure before or when the advisory agreement is signed, and carry the prospect's record into the client file on signing so nothing is retyped.
The first meeting went well. The prospect is leaving their current advisor, has two IRAs and a joint account, and wants someone who'll actually call back. Then a week passes, the follow-up hasn't gone out, and they sign with the firm that emailed the same afternoon. Small firms rarely lose prospects in the meeting. They lose them in the week after.
What goes in the same-day note?
- What they told you, in two or three lines, in their words: "You want someone who reviews the plan with you twice a year and calls back within a day."
- What you need from them: recent statements, any existing IPS or plan, a list of accounts.
- The next step, with a date: "If you can send those by Friday, I'll walk you through a proposal on the 14th."
- How to send documents securely, not as email attachments.
What should the prospect record show?
| Item | Why |
|---|---|
| Meeting date and notes | So the second meeting picks up where the first left off |
| Stage and next step, with owner and date | So nothing slips |
| Documents requested and received | So you know what's still outstanding |
| Household members and accounts | Becomes the client record on signing |
| Brochure delivery, when it happens | Needed for your delivery log |
A worked example
Take the prospect above at a hypothetical two-person RIA. The advisor sends a note that afternoon: three lines on what the prospect wants, a list of the statements needed, a secure upload link and a proposed date for the next meeting. The prospect's record shows stage "data gathering", next step "proposal meeting 14th". Statements arrive on Thursday and are ticked off. At the proposal meeting the brochure goes with the proposal and the delivery is logged. When the agreement is signed, the household and accounts move straight into the client record.
What are the common gaps?
- No follow-up for days after a good meeting.
- A note that's all about the firm and nothing about what the prospect said.
- Statements arriving as email attachments.
- Retyping the prospect's details into three systems on signing.
When is this overkill?
It isn't. Even a referral who's already decided deserves a clear note and a dated next step.
How Advorra fits
Advorra has a prospect pipeline alongside clients and households, with communications and a brochure-delivery log, so the prospect's notes, next steps and brochure delivery sit in the same system as the client records they become. See the product page, or read about a prospect pipeline and sharing documents securely.
One thing to do this week: write a template for your same-day note with four blanks: what they want, what you need, the next date, and how to send documents.
A practical routine, not legal or compliance advice.
Questions advisors ask
How soon should the follow-up go out?
The same day if you can. The prospect remembers the conversation and your note shows you listened.
Should the note include a proposal?
Usually not yet. Most firms gather statements and goals first, then propose at a second meeting.
When does the brochure go out?
For SEC-registered advisers, the brochure generally has to be delivered before or at the time of entering into the advisory contract. Many firms send it with the proposal. State rules are often similar.
What if the prospect goes quiet?
One follow-up after a week, then one more a few weeks later. After that, leave the door open and stop.
Is this compliance advice?
No. It is a practical routine for prospect follow-up.
See it on a demo firm
Advorra is practice software for independent RIAs: clients, models, IPS, billing and compliance records in one place, on top of the custodian you already use. Built by The CollabHub.
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